jherch77:
Capt. Obvious says: you can tell if OD is working when the car shifts from 3rd to OD. If it never shifts into 4th, then you have a problem. The OD light would flash indicating a transmission problem. If the light is burnt out then replace it.
Let's try the easy thing first: check for a fried fuse.
If that isn't the problem and the trans shifts into OD OK, then it is probably just that the OD switch has failed. A new one is about $30 from your Ford parts counter. You'll have to take the handle off the shifter stalk. There is a tiny allen screw in the middle of the handle on the front (radio) side. Put the shifter in "1" and you'll see it. You have to be VERY careful once the little allen screw is out. Twist right/left (just a little) while gently pulling up. Go slowly. If you pull the handle off with too much zest, you will rip the OD switch wire. The wire is very thin. Watch that the spring and plunger don't fall out of the handle, too. The switch is held in place in the handle by friction. It takes some finesse to work that baby out of the handle but it will come out. You will have to feed the new wire down the stalk. Lift the thin plastic sleeve off the stalk and slip the wire through and then reassemble the whole thing.
*****edit: OK, turn your ignition key to ON but don't crank the engine (START). Do the OD and T/C lights light up? If not, then there must be a fuse that serves both (and other) functions. Find it and replace it. Retest the "key ON" thing.
*****end of edit
HTH,
Chris